Positive first quarter of 2020 for American Hellenic Hull Insurance

Positive First Quarter Of 2020 For American Hellenic Hull Insurance_result
A positive first quarter of 2020 in terms of growth and operating performance for American Hellenic Hull Insurance Company.

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American Hellenic Hull Insurance Company Ltd (AHHIC) can report a positive first quarter of 2020 in growth and operating performance in Marine Hull and Machinery insurance.

A 206% year-on-year increase of underwriting profit margin and a loss ratio of 64% as AHHIC successfully implements its business continuity plan in response to the Covid-19 pandemic.

In early March, American Hellenic Hull Insurance Company activated its business continuity plan in response to the coronavirus pandemic. Since then, all company activities have been conducted off-site, with staff working remotely. AHHIC’s utmost priorities are to protect its employees’ health and well-being, combined with maintaining undisrupted its clients’ interests.

On 31 March 2020, the insured fleet stood at 2,637 vessels, showing a year-on-year increase of 15%. Simultaneously, the company’s gross earned premium for the quarter was increased by 82%.

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CEO Ilias Tsakiris was recognized in The Investor Greece 2019 for his leadership in business and social responsibility. Throughout the year, Hellenic Hull made an impact at key industry events like the Capital Link Cyprus Forum, Insurance Conference, Delphi Economic Forum, and Maritime Cyprus 2019, advancing discussions on marine insurance and sustainability. The association also strengthened stakeholder engagement through presentations in Piraeus, London, and at P&I conferences. A standout moment was Tsakiris’ presentation at the World Maritime University, affirming Hellenic Hull’s dedication to training and education.

By 2001, the tides had shifted in favor of Hellenic Hull Mutual. At its 7th AGM, Hellenic Hull reported an impressive leap in its portfolio. The number of insured vessels had nearly doubled to 222, with a combined entered value exceeding $350 million.

HMA’s Chair Mr. Dounis shared an ambitious vision: the establishment of a marine campus in Greece, dedicated to promoting marine protection and ocean sustainability.

In April, Hellenic Hull made a notable contribution to the Merchant Marine Academy in Hydra, donating a GPS electronic device to enhance the students’ educational experience.

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